Twin River Partners With PointsBet for New Jersey Online Gambling

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Casino operator Twin River has signed a new agreement which will see PointsBet provide online gaming and casino services in New Jersey.

A 10-year primary skin deal

Twin River has signed a 10-year primary skin agreement with online sports betting operator PointsBet. The deal will see PointsBet provide its online gaming and casino services in the state of New Jersey, pending regulatory approval.

The sports betting operator will be responsible for licensing and regulatory costs

Under the terms of the agreement, PointsBet will pay Twin River a portion of net gaming revenue from its New Jersey operations. The sports betting operator will be responsible for licensing and regulatory costs related to the launch of its mobile app and website platforms.

Completion of the deal is contingent on Twin River’s acquisition of Bally’s Atlantic City Hotel and Casino. Twin River purchased Bally’s Atlantic City from Caesars Entertainment in April; the $25m deal is still awaiting approval from regulatory authorities.

Twin River’s 2020 acquisitions and partnerships

The Bally’s Atlantic City acquisition is one of a number of Twin River purchase agreements reached in 2020. As part of the same deal, the casino operator will also buy Eldorado Shreveport Resort and Casino and Mont Bleu Resort Casino and Spa. Also pending regulatory approval, the acquisitions will cost Twin River $155m.

In July, the casino operator reached another agreement with Eldorado for the purchase of Lady Luck Casino in Mississippi and Isle of Capri Casino in Missouri for a total of $230m. Once the deals are completed, Twin River will have 12 casinos across eight different states.

Twin River has seen a significant impact from the COVID-19 pandemic after shutting down its US casinos in March. The casino operator has yet to announce its Q2 results, but Q1 revenue totaled $109.1m, a 10% decline year-on-year. Adjusted earnings also fell to $22.1m, a drop of 50%, while net loss was $8.9m compared to net profit of $17.6m in 2019.

PointsBet’s US expansion

PointsBet has operations in both Australia and the US. The company has signed a number of agreements so far this year as it sets its sights on North American expansion.

In January, the operator signed an agreement with the Lac Vieux Desert Band of Lake Superior Chippewa Indians in Michigan. The deal will provide PointsBet with sports betting market access in The Great Lake State for the next 20 years.

Already this year, the operator has obtained sportsbook licenses in both Indiana and Illinois

PointsBet has recently received approval for multiple sportsbook licenses as it looks to offer its sports betting product in new states. Already this year, the operator has obtained sportsbook licenses in both Indiana and Illinois. The Illinois license will permit PointsBet to go live in the state once its partner Hawthorne Racecourse receives a master license.

PointsBet has also signed partnerships in the world of US sports. Earlier this year, the operator partnered with soccer league LaLiga North America until the end of the 2020/2021 season. More recently, PointsBet teamed up with the Indiana Pacers in an agreement that will allow PointsBet to utilize the NBA team’s arena for branding purposes.

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